Dear nairalanders,

I think it's only right that I advise you against investing with Stanbic IBTC. I'm mainly talking about their so-called Mutual Funds.

I started their mutual funds subscription based on the recommendation of a friend via their online platform. The sum of #5k was the minimum amount needed. I didn't know that it was just a fee for opening the account!!! Still not pertubed, I put it more money, and then began monitoring my ROI which was initially fair but has steeply declined! I set up a new stanbic account via their online platformwhich I intended to use to redeem my subscription.

After a while, I noticed that other investments were doing relatively better than their Mutual funds and decided to cash out. That's where problem started. Firstly,I had issues with the stanbic IBTC account to be used to redeem the funds. They don't have ATM cards for that type of account and refuses to grant me an internet ID and password for no tenable reason! I then decided to change the bank account to another one. They said it'll take 7 working days just to change my bank account. Meanwhile, I set up that Mutual Fund in 2 days!

I waited patiently for 7 business days bit didn't get any feedback. I then decided to call them today. The first customer care personnel rudely hung up the phone on me, on top my own airtime! I called again around 8:30am and was told that I'll be contacted within 30 mins. These people didn't call after one hour after which I decided to call them again. They said that an email would be sent today. After 4 hours, with no email, I contacted them again. The customer care personnel didn't even have access to my Mutual Fund details!!! I then had to wait for 2 hours before she called back, telling me that since I opened it online e, I have to fill a subscription form as the initial signature I sent wasn't in their records. I asked her if they didn't know that I opened the Mutual fund account online. She went dumb. She said that a form would be sent to my email but as at now, there's nothing!!

In summary, I'd advise prospective investors to avoid Stanbic IBTC products. Don't be deceived. They have little respect for their customers, the worst customer care service and lots of hidden policies. Furthermore, their ROI is poor. Avoid them like a plague, they'll do you no good!!!

PS: Sent them the bank nomination forms on 31st October. After 8 business days, there's still no tangible response! This is one of the reasons why some businesses do not expand.

Don't just take my word for it. Below are the complaints of another nairalander.

Greetings, pls can you advise me on the best platform that has 5k - 10k as minimum investment to invest in. I had Stanbic bank in morning mind before not until I make some research.
A text message or mail will be appreciated.
0.8.1.1.4.2.4.8.6.8.1
ixkylee At Gmail dot com. Thanks.

Even with ur money,they still treat people like trash.

When would Nigeria get better.

ibechris:
Even with ur money,they still treat people like trash.

When would Nigeria get better.

You can't make that conclusion based on what your heard from just one party